Can anyone recommend decent forex sentiment indicators? I.e. an indicator or tool that reflects the current bullish, bearish or neutrality of a given broker’s clients broken down by pair.
I’m aware of the Oanda FXLabs tool, and the info you can find on the Akmos site, but I was wondering if there are any other tools out there.
Thanks.
I am not aware of any other one than Oanda FXLabs. FXStreet provides market sentiment in percentage (bullish, bearish, neutral) but question who decides that sentiment?
Even If people’s sentiment towards US Dollar is bullish, It does not mean that they are right - Or that US Dollar will gain.
I rather suggest technical sentiment indicator, to be more specific; the Average Directional Movement Index tool on a Day/Week chart.
It’s very hard to know exact percentage of traders sentiment towards certain currency, and whether they are right (holding unrealized profit / loss).
But Oanda provides such thing.
So If you just want to know market sentiment, use Oanda FXLabs, or watch Bloomberg analysts as they give their thoughts towards currencies. You can collect general market sentiment from sites like FXStreet, Financial TV channels, Analysts opinions, FXLabs from Oanda.
But I assume that knowing market sentiment is for informational purposes only.
Your avatar is so nice… 
COT data is one of most used tools for gauging forex market sentiment. We wrote about a lesson in our school, http://www.babypips.com/school/getting_sentimental_with_forex.html
There’s also a newsletter available by Market Vane, Market Vane, but subscription is required.
You can also use the Dollar Index(USDX) and look for divergences against the majors. For example, if EUR/USD (inverted), GBP/USD (inverted), USD/JPY or USD/CHF is rising and USDX isn’t, it’s a good early warning signal of a possible reversal.
I agree that COT information is useful to see where people are putting their thinking to work. You can generally get the information directly from the exchange website, thought it’s not real pretty.
I’m going to disagree a bit on the USDX divergence thing, though. If one currency pair, such as USD/JPY is rising, but the index isn’t that could just be something specific to the JPY. I’d look at the JPY cross rates (EUR/JPY, GBP/JPY, etc) to see.
The SSI is a powerful tool unique to FXCM. It shows you FXCM’s trading book: what our clients are trading. At a glance, you can see where traders are in the market. Are there large numbers of buyers or sellers? Are they exiting or entering? FXCM’s SSI is updated twice every day, and the information is current - unlike the COT report.
To read more about the SSI detailed hidden secrets, here you go:
informedtrades.com/415739-speculative-sentiment-index-ssi-analyst-project.html
RPM indicator shows retail traders are continuing to buy at what retail traders are hoping is a bottom. Each new break low is being followed by retail traders buying the EurChf.
Meanwhile, the UsdChf and EurUsd remain flat.